North America Tokenization Market

Market Introduction

Tokenization solutions are often used for credit card processing. The payment card industry (PCI) council defines tokenization as a process wherein the primary account number (PAN) is replaced with an alternate/surrogate value known as a token. The key factor attributed to the growth of the North America tokenization market is the growing data security concerns in all the data-sensitive organizations across the world. The tokenization market is likely to witness a noteworthy growth owing to a huge number of financial firms choosing for rising security in payment processing systems. Also, with rising incidences of credit card fraudulent activities, there is an increase in the demand for payment security.

Market Overview and Dynamics

The North America tokenization market was valued at US$ 591.6 million in 2019 and is projected to reach US$ 2751.3 million by 2027; it is expected to grow at a CAGR of 24.6% from 2020 to 2027. Tokenization extensively moderates a retailer or organization’s scope of compliance with these regulations. For example, if an organization/retailer no longer stores its customers’ authentic PANs in its websites, POS terminals, as well as information systems, the number of systems required to be reported to be compliant with the GDPR and PCI DSS requirements are significantly reduced. Thus, to decrease the footprint of sensitive data within an organization, retailers are implementing tokenization solution, which is likely to drive the growth of tokenization market.

Key Market Segments

In terms of component, the solution segment accounted for a larger share of the North America Tokenization market in 2019. In terms of deployment, the cloud segment held a larger share of the market in 2019. In terms of enterprise size, the large enterprise segment accounted for a larger share of the market in 2019. In terms of industry vertical, the BFSI segment held the largest market share in 2019.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the tokenization market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Broadcom, Inc.; CipherCloud, Inc.; Fiserv, Inc.; and Micro Focus International plc, are among the major companies listed in the report.

Reasons to buy report

• It provides understanding of the North America tokenization market landscape and identifies market segments that are most likely to guarantee a strong return
• It guides stay ahead of the race by comprehending the ever-changing competitive landscape for the North America tokenization market
• It helps efficiently plan merger and acquisition, and partnership deals in the tokenization market by identifying market segments with the most promising probable sales
• It facilitates knowledgeable business decision-making through perceptive and comprehensive analysis of market performance of various segments pertaining to the North America tokenization market

• It provides market revenue forecast of the market based on various segments for the period from 2020 to 2027.

NORTH AMERICATOKENIZATION MARKET SEGMENTATION

North America Tokenization Market, by Component

• Solution
• Services

North America Tokenization Market, by Deployment

• Cloud
• On-Premise

North America Tokenization Market, by Enterprise Size

• SMEs
• Large Enterprise

North America  Tokenization Market, by Industry Vertical

• BFSI
• Retail
• IT & Telecom
• Healthcare
• Government
•  Others

North America Tokenization Market, by Country

• US
• Canada
• Mexico

North America Tokenization Market-Companies Mentioned

1. Broadcom, Inc.
2. CipherCloud, Inc.
3. Fiserv, Inc.
4. OpenText Corporation
5. Sequent Software Inc.
6. Thales Group
7. Visa, Inc.
8. FUTUREX
9. TokenEx

North America Tokenization Market Strategic Insights

North America Tokenization Market Report Highlights

North America Tokenization Market Country and Regional Insights